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What are the Most Common Contingencies when Buying a Wellington Home?
Wellington Florida Real Estate Q&A
Question: What are the Most Common Types of Contingencies when Buying a Wellington Home?
Answer: When buying a home in Wellington Florida it is not uncommon for home buyers to include a contingency or contingencies in their offer, but before we discuss the most common types of contingencies let's define what a contingency is.
So what exactly is a contingency?
A contingency is a type of clause added to a real estate contract that protects the buyer. It allows them a certain amount of time to "clear" their contingencies and if they are unable to do so within the given period of time they can usually cancel the contract without penalty, but it will ultimately depend on how the contract was written.
So what are the most common types of contingencies when buying a home in Wellington? Below I've listed the most common types of contingencies I've come across working with buyers and sellers.
#4 Sale of Existing Home:
Sale of existing home contingency means the buyer must sell their current home before they can purchase a new home and if they are unable to do so within the contingency period they can cancel the contract. While this type of contingency use to be ... more

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